Ethereum open interest hits $7.7B, raising the chance of a short squeeze above $1.5K

The Ether futures premium remains negative, while options markets are pricing similar risks for bulls and bears. Traders’ sentiment about Ether (ETH) has noticeably improved as the price rallied 7.5% from Oct. 2 to Oct. 6, but the price recapturing the $1,350 level was not compelling enough to trigger any bullish activity from derivatives traders. Ether price is still 32% below the $2,000 level last seen on Aug. 14 and the network’s average transaction fee stood near $2 after the Merge. The most significant upgrade on the Ethereum chain happened on Sept. 15, switching from energy-intensive mining technology to a